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16th December 2015, 05:52 PM
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Join Date: Apr 2013
Re: Labour economics notes MBA

Ok, as you want to get the notes of the MBA Labour economics so here it is as follows

LABOUR ECONOMICS HRM
The central theme of economic science relates to the optimum utilization of resources to achieve maximum consumer satisfaction through the production processes. There are four factors of production:
1.Land
2.Labour
3.Capital
4.Entrepreneurship

Of all the four factors of production labour is very special.

Some amount of labour is absolutely necessary to compliment other factors of production.

Labour not only generates income but also consumes the output.

Labour economics may be desired as a body of systematic knowledge which deals withthe pricing, allocation and development.

Labour economics analyses and seeks to understand in detail labour market situations in amanner that economics as a whole cannot afford to.

The term labour means any work whether mental or manual done by human beings for some monetary consideration


MBA Labour economics notes






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